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CariCRIS reaffirms the credit ratings of The Belize Bank Limited and upgraded its outlook to Positive

January 30, 2023 Belize City, Belize – On December 21, 2022, The Caribbean Information and Credit Rating Services Limited (CariCRIS) reaffirmed the following Issuer/Corporate Credit ratings assigned to The Belize Bank Limited.

Ratings Update: The Belize Bank Limited Ratings reaffirmed at CariBB (Regional Local Currency Ratings), (CariBB) Regional Foreign Currency Ratings and bzAA+ (National Local Currency Ratings); Outlook revised to positive.

CariCRIS stated “BBL’s ratings continue to reflect its strong presence in the Belizean commercial banking industry supported by a wide distribution network. The Bank’s robust risk management framework is currently being enhanced by ongoing digital initiatives. Also supporting the ratings is the Bank’s deposit base which continues to underpin its stale funding costs and good liquidity position. Furthermore, BBL’s comfortable capitalization, good asset quality and improved earnings also support the rating.”

CariCRIS’ also noted it expects The Belize Bank to continue to benefit from the acquisition of Scotiabank, Belize as well as other digital strategies being implemented across the bank. Additionally, CariCRIS expects that the improving economic conditions in Belize as a result of structural reforms and a rebound in the tourism activity, will bolster the Bank’s growth over the next 12-15 months.

Mr. Filippo Alario, Executive Chairman and CEO of The Belize Bank Limited stated that “We are proud to have received such a favorable credit rating which is a testament to our robust governance frameworks and to the hard work and dedication of management and staff. This rating reflects the Banks’ soundness and stability, a necessary condition for the stimulation of economic growth. View Mr. Alario’s full interview on the Bank’s Positive Credit Rating HERE.

CariCris is the Caribbean’s leading credit rating agency, with shareholding by regional Central Banks, several major regional commercial banks providing investors and financial regulators a regional credit rating framework for comparing the relative creditworthiness of entities in the region.